Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), announced that the bank is collaborating with the Securities and Exchange Commission (SEC) to create a sustainable framework for digital currencies in Nigeria.
Speaking at the CBN Governor’s Annual Lecture at Lagos Business School on Friday, Cardoso emphasized that cryptocurrencies, fintech, and blockchain innovations are set to shape the future of currency policy in the country, though the full extent of this impact remains uncertain.
Cardoso reflected on Nigeria’s rise as a global cryptocurrency hub two years ago, noting the challenges regulators faced in managing the burgeoning coin exchange markets. He explained, “Suddenly, over a period of time, coin exchange became very difficult to protect. Many people, not just youngsters, turned to crypto, and a whole architecture started to evolve.”
The CBN governor further acknowledged that, at the time, regulators largely took a hands-off approach, which led to widespread belief that the crypto market was not being monitored. However, he stated that it became evident that a more comprehensive understanding and regulation of the market was necessary.
“We are deeply in collaboration to ensure that all the different regulatory authorities can midwife the process that is sustainable with respect to digital currency,” Cardoso added.
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On the topic of innovation, the CBN governor highlighted the bank’s commitment to embracing digitalization and artificial intelligence (AI). He revealed that the apex bank has fully digitized all approval processes and aims to run a paperless office.
Cardoso also offered advice to students aspiring to be future leaders. He stressed the importance of safeguarding their credibility, staying resilient in the face of challenges, and prioritizing effective communication. “The danger in not communicating is that only you alone know what you are doing. People need to understand the journey, the challenges, and the hope for the future,” he remarked.
Reaffirming the success of recent economic policies, Cardoso noted that consistent reforms have restored confidence in Nigeria’s economy, attracting renewed interest from global investors.
